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Scorpius Holdings Reports Third Quarter 2024 Results, Highlighting Strategic Partnerships, Cost Savings, and Progress Toward Profitability
Scorpius HoldingsScorpius Holdings(US:SCPX) GlobeNewswire News Roomยท2024-11-14 21:15

Core Viewpoint - Scorpius Holdings, Inc. reported significant growth in revenue and operational efficiency for Q3 2024, driven by strategic partnerships and disciplined financial management, positioning the company for future opportunities in the biomanufacturing sector [2][11]. Financial Performance - For the nine months ended September 30, 2024, revenue increased by 142% year-over-year, reaching $5.2 million, reflecting strong demand and client base expansion [2]. - In Q3 2024, the company recognized $0.9 million in revenue, up from $0.7 million in Q3 2023, attributed to a larger number of customer contracts [3]. - Operating expenses decreased by 23.5% for the nine months ended September 30, 2024, demonstrating effective cost management [2]. - Research and development expenses were $4.3 million in Q3 2024, down from $5.2 million in Q3 2023 [5]. - Selling, general, and administrative expenses decreased to $5.6 million in Q3 2024 from $6.1 million in Q3 2023, primarily due to reduced consultant services and marketing costs [6]. Operational Highlights - The company achieved ongoing cost savings initiatives expected to exceed $2 million annually, contributing to a stronger financial foundation [2]. - Scorpius was selected to join the Medical CBRN Defense Consortium, enhancing its role in U.S. biosecurity and eligibility for collaboration on medical countermeasures [2]. - The company has a weighted average pipeline of business development opportunities exceeding $100 million across various sectors, indicating strong future growth potential [2]. Cash Position - As of September 30, 2024, Scorpius had approximately $4.8 million in cash and cash equivalents, which decreased to about $0.8 million by November 14, 2024 [10]. Market Position - Scorpius is positioned as a trusted biomanufacturing partner for early-stage and clinical development, emphasizing its capability to provide secure, U.S.-based solutions [2].